Barclays Cuts Salesforce (NYSE:CRM) Price Target to $347.00

Salesforce (NYSE:CRM - Free Report) had its price objective trimmed by Barclays from $425.00 to $347.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the CRM provider's stock.

Other equities research analysts also recently issued research reports about the company. Oppenheimer reiterated an "outperform" rating and set a $370.00 price objective (down previously from $380.00) on shares of Salesforce in a research report on Thursday. Piper Sandler upped their target price on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a report on Wednesday. Robert W. Baird decreased their price target on Salesforce from $430.00 to $400.00 and set an "outperform" rating for the company in a research report on Thursday, February 27th. BMO Capital Markets cut their price objective on Salesforce from $367.00 to $350.00 and set an "outperform" rating on the stock in a report on Tuesday. Finally, Cantor Fitzgerald initiated coverage on shares of Salesforce in a research note on Wednesday, April 23rd. They set an "overweight" rating and a $210.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-nine have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $342.21.

Salesforce Price Performance

Salesforce stock traded down $1.89 during midday trading on Thursday, hitting $265.03. The company's stock had a trading volume of 12,373,506 shares, compared to its average volume of 6,790,645. Salesforce has a 12 month low of $216.06 and a 12 month high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $254.80 billion, a PE ratio of 43.59, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42. The stock's 50-day moving average price is $267.78 and its 200-day moving average price is $305.28.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.03. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The company had revenue of $9.83 billion for the quarter, compared to analysts' expectations of $9.74 billion. During the same quarter in the previous year, the company posted $2.44 EPS. The business's revenue was up 7.6% compared to the same quarter last year. Analysts anticipate that Salesforce will post 7.46 earnings per share for the current fiscal year.

Salesforce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were paid a $0.42 dividend. The ex-dividend date was Thursday, April 10th. This is a boost from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 0.63%. Salesforce's payout ratio is 25.98%.

Insider Transactions at Salesforce

In other Salesforce news, insider Parker Harris sold 3,273 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $931,430.34. Following the completion of the sale, the insider now owns 125,146 shares of the company's stock, valued at $35,614,048.68. The trade was a 2.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $301.00, for a total value of $1,872,521.00. Following the sale, the chief financial officer now owns 46,750 shares of the company's stock, valued at approximately $14,071,750. This trade represents a 11.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,553 shares of company stock worth $12,897,323 in the last 90 days. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Nova Wealth Management Inc. boosted its position in Salesforce by 38.0% during the first quarter. Nova Wealth Management Inc. now owns 636 shares of the CRM provider's stock worth $171,000 after purchasing an additional 175 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Salesforce by 31.2% in the first quarter. Jones Financial Companies Lllp now owns 344,887 shares of the CRM provider's stock worth $93,016,000 after buying an additional 81,916 shares during the last quarter. Strs Ohio acquired a new stake in shares of Salesforce in the first quarter worth $100,472,000. Jacobi Capital Management LLC boosted its holdings in shares of Salesforce by 2.6% during the 1st quarter. Jacobi Capital Management LLC now owns 6,241 shares of the CRM provider's stock worth $1,675,000 after buying an additional 159 shares during the period. Finally, Advisors Capital Management LLC grew its stake in Salesforce by 155.5% in the 1st quarter. Advisors Capital Management LLC now owns 26,262 shares of the CRM provider's stock valued at $7,048,000 after buying an additional 15,985 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.